Takeover offer?!, page-44

So Armour has:

25% of $100mil spend = $25 mil
$15mil upfront payment
18.6% of Lakes oil, around $5mil
cash at bank (very low burn rate at the moment) $8mil
value of non-AED tenements:
3.6million acres in QLD (assessed at 22.5TCF)
Victorian permits
NT permits not in AED scope
= $????mil

= $53mil minimum, with zero value added to non AED permits, and the only value ascribed to NT is the amount that AED will spend on them.

Also lets not forget that AED thinks that 75% of selected NT AJQ permits is worth $115mil, and assuming Westside agrees with that value, then if you attribute a value of say around $30mil for non AED permits, Westside is looking to buy $200mil for $36.6mil?